Virginia Real Estate Salesperson Exam — All Questions
471 questions
Which amounts are excluded from an unpaid judgment when a Virginia Recovery Fund claim is computed?
- a.Court costs and attorney fees
- b.Compensatory damages and costs
- c.Attorney fees and lost commissions
- d.Interest and punitive damages✓
Sums representing interest or punitive damages come out of the claim; court costs and attorney fees may be included in it. Cite: Code of Virginia 54.1-2116 D.
A Virginia brokerage agreement is signed but omits a termination date. What follows?
- a.It is void and unenforceable from the very outset
- b.It terminates 90 days after the date of the agreement✓
- c.It terminates 30 days after the date of the agreement
- d.It runs until either party cancels it in writing
Brokerage agreements must be in writing and state a definite termination date; where one does not, the statute ends the agreement 90 days after its date. Residential property management agreements carry the same 90-day default. Cite: Code of Virginia 54.1-2137 C 1; 54.1-2135 E 1.
Under Virginia law, when must a licensee engaged by a buyer enter into a brokerage agreement with that buyer?
- a.Before writing the buyer's first written offer
- b.At the first substantive talk about financing
- c.Before showing property to the prospective buyer✓
- d.Before the buyer's mortgage application is submitted
The first listed duty of a licensee engaged by a buyer is to enter into a brokerage agreement with the prospective buyer prior to showing property to that buyer. Cite: Code of Virginia 54.1-2132 A 1.
What does Virginia require before a licensee may act as a dual agent in a residential transaction?
- a.Written consent of all parties before it commences✓
- b.Oral consent from both parties before settlement
- c.Written notice to the Real Estate Board in advance
- d.Written consent of the seller and notice to buyer
A licensee may not act as a dual agent or dual representative without first obtaining the written consent of all parties, given after written disclosure of the consequences, and the disclosure must reach both parties before the dual agency begins. Cite: Code of Virginia 54.1-2139 A.
A Virginia dual agency disclosure fails to comply with the statute when it is what?
- a.Printed in bold capital letters inside a separate box
- b.Combined with other required written disclosures
- c.Given in the brokerage agreement with that client
- d.Placed in the purchase agreement, or left unsigned✓
The disclosure does not comply if it is unsigned by the client or given in a purchase agreement, lease or other transaction document. It may be combined with other disclosures if made conspicuous, and the statute expressly contemplates it appearing in the brokerage agreement itself. Cite: Code of Virginia 54.1-2139 D; 54.1-2137 C 5.
When must a Virginia licensee disclose a brokerage relationship to an unrepresented buyer after substantive discussion of a property?
- a.In writing, no later than the settlement date
- b.In writing, by the time specific assistance begins✓
- c.Orally at the first showing; writing may follow
- d.In writing, when a written purchase offer is prepared
Disclosure must be in writing at the earliest practical time and in no event later than the time specific real estate assistance is first provided. If combined with other information it must be conspicuous, in bold, all capitals, underlined or boxed. Cite: Code of Virginia 54.1-2138 A; 18 VAC 135-20-220 A 2.
Virginia's brokerage relationship disclosure requirement does not reach which lease transactions?
- a.Leases running for terms of less than two months✓
- b.Leases with terms of less than twelve months
- c.Leases of commercial space of any duration
- d.Leases of single-family homes of any length
The disclosure duty does not apply to lessors or lessees in single or multifamily residential units for lease terms of less than two months. Cite: Code of Virginia 54.1-2138 B; 18 VAC 135-20-220 B 2.
After a Virginia brokerage agreement ends, what does the licensee still owe the former client absent a written agreement otherwise?
- a.Continued promotion of the client's interests for 90 days
- b.An accounting of funds and continued ordinary care
- c.An accounting of funds and continued confidentiality✓
- d.Continued confidentiality and continued ordinary care
On termination, expiration or completion, the licensee owes no further duties except to account for all money and property relating to the relationship and to keep the client's personal and financial information confidential. Ordinary care is a duty during the relationship, not after it. Cite: Code of Virginia 54.1-2137 D.
How does Virginia's brokerage relationships article treat the common law of agency?
- a.It supplements the common law in every respect
- b.It applies only to commercial real estate deals
- c.It adopts the common law as the governing rule
- d.It abrogates the common law where inconsistent✓
The common law of agency relative to brokerage relationships in real estate transactions is expressly abrogated to the extent it is inconsistent with the article. Cite: Code of Virginia 54.1-2144.
A Virginia limited service agent's written brokerage agreement must do what?
- a.Guarantee the other agent will assist the client
- b.List the standard-agent duties it will not provide✓
- c.Be approved in advance by Real Estate Board staff
- d.Be confined to commercial real estate transactions only
The agreement must disclose that the licensee acts as a limited service agent, list the specific services the licensee will provide, and list the specific standard-agent duties the licensee will not provide, all set out conspicuously. Cite: Code of Virginia 54.1-2138.1 A.
Want these explained in order? Virginia Real Estate Salesperson Exam — Complete Study Guide (2026) — PDF + EPUB, $14.99 · 14-day refund →
Does a Virginia buyer's agent form a brokerage relationship with the seller by using a multiple listing service?
- a.No; using a common source information company does not✓
- b.Yes; participating in an MLS creates a subagency by law
- c.Yes, unless the agent files a written disclaimer first
- d.No, but only where the seller has no listing agent
No licensee representing a buyer or tenant is deemed to have a brokerage relationship with a seller, landlord or other licensee solely by reason of using a common source information company, which is defined to include multiple listing services. Cite: Code of Virginia 54.1-2141; 54.1-2130.
A Virginia client refuses to consent to a disclosed dual agency. What may the licensee do?
- a.Proceed anyway after documenting the refusal in writing
- b.Continue as a limited service agent for both parties
- c.Withdraw from that client without incurring liability✓
- d.Ask the board for written permission to keep going
The licensee may withdraw without liability from representing the client who refuses, which terminates that brokerage relationship. Withdrawing does not stop the licensee from continuing to represent the other client in the transaction. Cite: Code of Virginia 54.1-2139 G; 54.1-2137 A.
When must the earnest money deposit on a ratified Virginia contract reach the firm's escrow account?
- a.By the end of the third business banking day
- b.Within five calendar days of the contract date
- c.By the close of the next business banking day
- d.By the end of the fifth business banking day✓
The deposit must be placed in escrow by the end of the fifth business banking day following ratification unless the principals agree otherwise in writing, and a deposit destined for a named outside escrow agent must be delivered on the same fifth-business-banking-day schedule. Cite: Code of Virginia 54.1-2108.2 (1) and (2); 18 VAC 135-20-181 B 1 a.
Money that will ultimately belong to a Virginia firm may sit in its escrow account only if separately identified and withdrawn how often?
- a.At intervals of not more than six months✓
- b.At intervals of not more than twelve months
- c.At intervals of not more than thirty days
- d.Only at the closing of each transaction
Holding funds that may end up belonging to the licensee is not commingling provided there are periodic withdrawals at intervals of not more than six months and the firm can always identify what part of the account is its own. Escrow funds may never be paid directly to the firm's licensees. Cite: 18 VAC 135-20-181 A 2 b and c.
How long must a Virginia principal broker retain an executed brokerage agreement?
- a.Five years from the date of execution
- b.Three years from the date of execution✓
- c.Two years from the date of execution
- d.Three years from the date of settlement
Brokerage agreements and dual or designated agency consents are kept three years from execution; other transaction documents are kept three years from closing, or from ratification if the deal never closes. Cite: 18 VAC 135-20-185 C 1 and C 2.
Which listing arrangement does Virginia regulation treat as an improper financial dealing?
- a.One that pays a flat fee instead of a percentage
- b.One that permits the broker to cooperate with other firms
- c.One letting the agent keep any excess over a net price✓
- d.One that runs for longer than a year in duration
Making a listing contract or lease that provides a net return to the seller or lessor and leaves the licensee free to keep whatever it can get above that net price is listed as an improper financial transaction. Flat-fee and cooperative listings are not prohibited. Cite: 18 VAC 135-20-280 A 5.
What must appear on all advertising by a Virginia firm or its affiliated licensees?
- a.The individual licensee's license number and photograph
- b.The supervising broker's home address and phone
- c.The Real Estate Board's own file number for the listing
- d.The firm's licensed name and office contact details✓
Every advertisement must be in the name of the firm with the firm's licensed name clearly and legibly displayed, and must carry a conspicuous disclosure giving the firm's name and the office contact information the broker specifies in written policy. Cite: 18 VAC 135-20-190 A and B 1.
A Virginia supervising broker lives more than 50 miles from a branch office under his supervision. What must he do?
- a.Move to within 50 miles of the branch within a year
- b.Certify in writing each quarter that he has complied✓
- c.Appoint a resident broker to hold the branch license
- d.Obtain a concurrent broker license for that branch
A supervising broker residing more than 50 miles from a supervised branch office at which licensees regularly conduct business must certify in writing quarterly, on a board form, that he has complied with the supervision requirements. Cite: Code of Virginia 54.1-2110.1 C.
Which task may an unlicensed assistant in a Virginia firm perform?
- a.Placing signs and having listing keys made✓
- b.Holding an open house at a listed property
- c.Answering a caller's questions on financing
- d.Negotiating a commission split with another firm
Placing signs on properties and having keys made for listings are on the regulation's list of permitted unlicensed activities. Showing property, holding an open house, answering questions on financing or contracts, and negotiating any commission or split all require a license. Cite: 18 VAC 135-20-335 A and B.
A Virginia seller delivers the residential property disclosure statement after ratification. What is the buyer's sole remedy?
- a.Terminate within seven days of hand delivery
- b.Sue the seller for damages caused by late delivery
- c.Demand the seller warrant the property's condition
- d.Terminate within three days of hand delivery✓
Late delivery gives the purchaser only a right to terminate, within three days of delivery in person or electronically, or five days after the postmark if mailed. That right also ends at settlement, at occupancy, on a qualifying written mortgage application, or on a separate written waiver. Termination is without penalty and the deposit is returned. Cite: Code of Virginia 55.1-709 A and B.
Want these explained in order? Virginia Real Estate Salesperson Exam — Complete Study Guide (2026) — PDF + EPUB, $14.99 · 14-day refund →
A Virginia landlord refuses an applicant because her rent would be paid with a housing choice voucher. Under the Virginia Fair Housing Law this is what?
- a.Lawful, because vouchers are not a protected class
- b.Lawful, provided the rule is applied to everybody
- c.Unlawful discrimination on the basis of source of funds✓
- d.Unlawful only if the building has four or more units
Source of funds is a protected class under the Virginia Fair Housing Law and is defined as any source lawfully providing funds to or for a renter or buyer, including any assistance, benefit or subsidy program. Virginia also protects elderliness, sexual orientation, gender identity and military status beyond the federal list. Cite: Code of Virginia 36-96.1 B; 36-96.1:1; 36-96.3 A 1.